Memory chip prices are surging again, and this time it's good news for NOR Flash makers like Taiwan's Winbond, but bad news for anyone buying the chips.

• Prices for high-capacity NOR Flash chips could roughly double in the second half of the year, after already doubling in the first half.
• AI is eating up most chip factory capacity, so suppliers can't make much more NOR Flash even as demand jumps.
• A single AI server needs three to five times more NOR Flash than a regular one, and edge AI, AI PCs, and robots are pushing demand higher still.
• Winbond, the market leader, is growing output faster than anyone, putting it in the best position to cash in.
• Taiwanese and Chinese suppliers are expanding, but new factory lines take a long time to qualify, so the shortage won't ease soon.

Outlook: High-capacity chip prices should keep climbing through year-end, while smaller-capacity chips level off with only modest gains.